An ‘51% Attack’ is a malicious action in a blockchain network where a single entity gains control of more than half of the network’s mining power or staking power. This control allows the attacker to manipulate the transaction history, such as preventing new transactions from confirming or reversing their own transactions. Such an attack poses a significant threat to the integrity and security of a decentralized ledger system.
Context
The discussion surrounding ‘51% Attacks’ is particularly relevant when evaluating the security of smaller or less established Proof-of-Work (PoW) or Proof-of-Stake (PoS) blockchains. Analysts scrutinize the distribution of hashing power or staked assets to identify potential vulnerabilities. Future developments to monitor include the efficacy of network defenses and the economic disincentives for orchestrating such an attack.
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